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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED <br /> <br />, <br />i ! <br /> <br />I ' <br />'_.\ <br /> <br />D. Deferred Revenue <br /> <br />! ! <br /> <br />Deferred revenue at December 31, 2002 is comprised of the following: <br /> <br /> Debt <br /> General Service Entelprise Total <br /> Delinquent taxes $ 31,781 $ - $ - $ 31,781 <br /> Developer receivable 143,854 143,854 <br /> Special assessments <br /> Deferred 15.262 72.435 477.878 565.575 <br />I .- Total $ 190.897 $ 72.435 $ 477.878 $ 741.210 <br /> -- .' E. Long-term Debt <br /> <br />, J <br /> <br />Genertd Obligtltlon Bonds. The City issues general obligation bonds to provide funds for the acquisition and <br />construction of major capital facilities. General obligation bonds have been issued for general government <br />activities. <br /> <br />i I <br /> <br />General obligation bonds are direct obligations and pledge the full faith and credit of the City. General <br />obligation bonds currently outstanding are as follows: <br /> <br />General Obligation Improvement Bonds <br /> <br />I I <br /> <br />The following bonds were issued to finance various improvements and will be repaid primarily from. special <br />assessments levied on the properties benefiting from the improvements. Some issues, however, are partly <br />financed by ad valorem tax levies. All special assessment debt is backed by the full faith and credit of the City. <br />Each year the combined assessment and tax levy equals 105 percent of the amount required for debt service. The <br />excess of 5 percent is to cover any delinquencies in tax or assessment payments. <br /> <br />, , <br /> <br /> Authorized Balance <br /> and Interest Issue . Maturity at <br /> Issued Rate Date Date YearEnd <br /> G.O. Improvement Bonds <br /> of 1998 $ 615,000 4.10-4.50% 08-01-98 02-01-09 $ 455,000 <br /> G.O. Improvement Refunding <br /> Bonds of 1998 245,000 4.71 07-01-98 02-01-03 50,000 <br /> G.O.lmprovement Bonds <br /> of 2000 650,000 4.65-5.25 11-01-00 02-01-11 475,000 <br /> G.O. Improvement Bonds <br />,r of 2001 990,000 2.90-4.45 11.:.01-01 02-01-13 990,000 <br /> G.O.lmprovement Bonds <br /> of 200 1 635,000 3.00-4.10 10-23-01 02-01-14 635.000 <br /> Total General Obligation Improvement Bonds $ 2.605.000 <br /> <br />(~- <br /> <br />r <br /> <br />-18- <br /> <br />y <br />